Frank learns with help from his mentor Joe Matheson, played by Morgan Freeman, of a hit list discovered by a murdered reporter. The list involves a top secret operation years before in Guatemala which Frank and other ex-agent Boggs, played by John Malkovich, were a part of. With Boggs as an ally, the trio gathers more intelligence and then sneaks into CIA headquarters to steal the file on the Guatamela mission. Meanwhile, they must stave off attacks from an agent Cooper, played by Karl Urban, sent to kill them. Joe rescues them and they hide out in the home of another retired agent, Victoria (Helen Mirren). The file does not reveal much, and so the group finds another man on the list, Dunning, played by Richard Dreyfuss, and find out from him that the mission involved the current Vice-President who is trying to make certain horrible actions from his past disappear by having anyone involved assassinated.
After a showdown with Cooper during which Sarah is taken, the group of retirees gets into the vice-president's party and takes him hostage. As they are about to exchange Sarah for the vice-president, Dunning arrives and explains that he is responsible for the hit list and was only setting the vice-president up. Frank kills him and Cooper lets the team escape.